Yandex Gains as Goldman Sachs Says Company Among ‘Best Buys’
Yandex NV (YNDX), the operator of Russia’s most popular Internet search engine, climbed after Goldman Sachs Group Inc. raised its recommendation on the stock to “buy” from “neutral” and listed the company as one of the “best buy ideas” in the European media and telecommunications industry.
Yandex gained 1.8 percent to $19.20 in New York, after earlier jumping as much as 5.5 percent, the biggest intraday advance since Dec. 22.
American depositary receipts of OAO Mobile TeleSystems (MBT), known as MTS, advanced 3.4 percent to $16.27, a five-week high, after Goldman Sachs reiterated its “buy” recommendation on the stock, also making it one of its “best buy ideas,” according to an e-mailed report today.
Yandex is among companies that are “in the top quartile among the European media companies as they benefit from exposure to structural growth themes and economies that are expanding faster,” Goldman analysts, including Moscow-based Alexander Balakhnin, Daria Fomina, Maxim Loginov and London-based Andrew Howard, said in the report.
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